Railway stocks: Kalindee Rail Nirman Engineers Ltd. (KRNE
IN), an Indian maker of signaling systems, telecommunications
gear and railroad tracks, tumbled 14 percent to 116.3 rupees,
its steepest fall in more than two years.

India’s state-controlled railway operator left passenger
and freight charges unchanged to help tackle inflation that
accelerated to the fastest in a decade.

The railway suppliers retreated on concern that the rate
freeze may hamper expansion plans. The rail operator plans to
borrow 205.9 billion rupees ($4.5 billion) in the year starting
April 1, double the target for the current fiscal year, as it
works on adding new lines to support economic growth.

The state-run railway will build about 1,300 kilometers of
new lines and buy 18,000 wagons next fiscal year, Rail Minister
Mamata Banerjee said in parliament in New Delhi today as she
announced Indian Railways’ annual budget.

MphasiS cut the rates it charges for its largest
shareholder’s clients as customers demanded lower prices during
the “traditionally weak” quarter, Chief Financial Officer
Ganesh Murthy said in Bangalore today. The discounts reflect a
“shocking collapse in governance,” Nimish Joshi, an analyst at
CLSA Ltd., wrote in a note to clients today.

National Aluminium Co. (NACL IN) rose 3.5 percent to 440.15
rupees, its highest close since June 28. India’s second-biggest
producer of the metal is seeking to form a venture with
Hindustan Copper Ltd. (HCP IN) to develop the Malanjkhand mines
in the central Indian state of Madhya Pradesh, B.L. Bagra,
finance director at National Aluminium, said in an interview.

Omaxe Ltd. (OAXE IN) increased 0.8 percent to 131.70 rupees.
The New Delhi-based developer won a contract worth 1.36 billion
rupees from India’s defense ministry to build homes at Nasik in
the western state of Maharashtra, according to its statement to
the Bombay Stock Exchange.